SoundCloud Avoids Being Shutdown With New Investment, CEO Removal

The company now focuses its operations on Berlin and NY. Former Vimeo CEO Kerry Trainor is also taking over as CEO, with founder Alex Ljung stepping down, and former Vimeo executive Michael Weissman will now be Soundcloud's chief operating officer. Potentially new investors include Raine Group and Temasek.

SoundCloud has closed a reported $169.5 million emergency in funding that allows the struggling streamer and audio hub to stay online. SoundCloud's earlier backers had to accept a mark down on those earlier investments as part of the deal.

SoundCloud is a catalyst for creativity, powered by a connected community of creators, listeners, and curators who are on the pulse of what's new, now and next in music and creative culture. Raine, a boutique investment bank, has also backed Vice Media, DraftKings and Imagine Entertainment. As SoundCloud grew in popularity, major labels and publishing companies began noticing, for example, the many DJ mixes taking advantage of their intellectual property. It's a similar business model that Trainor built at Vimeo, which is owned by IAC/InterActiveCorp. Trainor said this open artistic experimentation gives the platform a unique identity in the digital music space. In the press release, SoundCloud said it has a $100 million annual run-rate for 2017. Now, we have slightly more information about what to expect.

Stocks drop as Korea tension saps mood
In commodities, US crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day. They were down 0.1 percent at $48.51 per barrel, on track for a weekly loss of 2.1 percent.

This year Soundcloud was facing a huge dilemma.

Ljung says if the SoundCloud rescue package isn't approved, more of his employees will leave and the company won't have enough money to survive. Clive Davis has a storied history in the music industry having held plenty of executive posts such as the founder of Arista Records, former CEO of RCA Records, president of Columbia records, and CEO of BMG North America. There are still tens of millions of users that use SoundCloud's services, and it is able to compete with its rivals.

Share

Related Articles

However, with " A a a a a Very Good Song " in a user's library, the blank track will surely be the one that automatically plays. Rezhami's masterpiece only came out Thursday and yet it has already climbed to #67 up the iTunes chart, according to Engadget.

His friends didn't summon help until about 40 minutes after he was discovered unconscious in the basement the next morning. Authorities say Piazza suffered severe head and abdominal injuries, and he later died at a hospital.

Additional newly announced Skybound projects include Five Year , Mastermind and Heroes and Villains: The History of Comics . He's also producing Seth Rogen and Evan Goldberg's Invincible , a movie based on his long-running comic book.

Lord Evans also claimed the Westminster Bridge attack earlier this year may have had an energising effect on extremists. Since 2013 there have been 19 attempted attacks on Britain - and a handful have been successful.

Book value refers to the total amount a firm would be worth if it liquidated its assets and paid back all its liabilities. Current price level places the company's stock about -2.17% from the 52-week high and 41.47% away from the 52-week low.

All elevators are required to possess an emergency signaling device labeled "Alarm" next to the floor buttons and operating panel. The fire department reportedly never received an emergency call from inside the broken elevator.

The Premier League gets underway on Friday and Chelsea return as the defending champions after lifting the trophy last season. BT Sport's Frank Lampard reveals his thoughts on Chelsea's new signings and why more may be necessary.

Guam's governor on Fox said, "There is concern and worry, but there is no panic", said Governor Eddie Baza Calvo. Ralph Torres has created the Nuclear Threat Working Group to respond to a nuclear threat.

The juvenile drinking is on the rise in America and so is the consumption of alcohol by adults which has increased manifold. There were also increases in the rate of AUD among 12-month alcohol users (35.7%) and high-risk drinkers (17.2%).

On Monday, Anthem said it would no longer offer Obamacare plans in Nevada's state exchange and half of Georgia's counties in 2018. In 2015, 8.6 million nonelderly adults were enrolled in Affordable Care Act exchange plans and 6.3 million in off-exchange plans.

They're all just desperately trying to remain alive in this comedy that combines laughs with drama, pathos and political scheming. We'll find out later this year when Veep creator Armando Iannucci's new film The Death of Stalin invades cinemas.

Child Protective Services said they will try to place the infant with a relative or close family friend, at least temporarily. Just a few days after a NY family found an abandoned baby in the trash, another abandoned baby has been discovered in Texas.

Latest news

Dow slips 100 points as tensions with N.Korea escalate
Eight of the index's 10 main groups were in negative territory, although decliners only outnumbered advancers by a 1.3-to-1 ratio. The S&P 500 dropped 1.4% to 2438.21, while the Dow Jones Industrial Average fell 204.69 points, or 0.9%, to 21,844.01.

Dead, 2 Injured in Conn. Small Plane Crash
The FAA says the Cessna took off this morning from Danbury Airport and was landing at Candlelight Farms when the crash happened. The single-engine plane originated from Danbury Municipal Airport, about 20 miles south of the airport in New Milford.

Beckhams turn super-fans on Modern Family set
The family had a day out together and went behind the scenes of the " Modern Family " set on Thursday 10 August. The star later posted the same image on his own Instagram, thanking the family for dropping by.